Conio, an Italian blockchain company based in Milan, has reported that it is now worth over $40 million after securing additional $3 million during its series A2 round, writes Banking Technology. 

Christian Miccoli, Conio’s co-founder and its business development director, says: “The funds raised by Conio will enable further development of our service offer to support our retail and corporate clients in the use of blockchain protocols and banking e-wallets for digital asset management.”

Conio which was created back in 2015 claims that it is the first company in Europe which is set to provide “blockchain-based integrated solutions for digital asset management to financial institutions, banks, and insurance companies.” “4 people and a few patient beta users; we then steadily grew to a team of 16 with an international award winning app,” writes another Conio’s co-founder, Vincenzo Di Nicola.

The company promises to make hard things simple and explain “the daily technological challenges we face” in simple terms. It offers multiple services, including e-wallets where you can store cryptocurrencies. It also aims to integrate blockchain protocols for various payments made by cards and smartphone payment services.

Di Nicola explains that Conio will spend additionally secured funds on research and development activities in all industries that aim to use digital currencies.”The latter include e-commerce and telecom, smart cars, and smart insurance contracts.

He also focuses specifically on Bitcoin promising that a touch of made in Italy design has made it less ethereal and more physical, “Money in your wallet that moves as you shake it. And sounds like it.” And safe for that matter, “We have architected our infrastructure with a multiple-key approach, allowing safe recovery of Bitcoin even in the worst cases of emergency.” And moreover, it saves you the tax hassle as the company worked “with the Italian fiscal agency, resulting in a locally famous tax rulingthat exempted taxes from capital gains.”

Di Nicola posits that in all of the mentioned markets the company is striving “to meet the growing demand of partnerships that we are getting from banks and insurance companies, enterprises and institutions.”

According to Conio multiple big companies are shareholders of the company, including the Italian Post (Poste Italiane) and the International Financial Bank  (Banca Finanziaria Internazionale).

The news follows the Alipay’s decision to start using blockchain technology and the South Korean government plan to invest 230 billion won (KRW), about 206 million USD, into Blockchain Technology Development projects.

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